Am I Eligible To Buy A Money Back Policy?

There are several conditions that you must be able to meet to invest in a money-back plan. Age and income are two of the qualifying requirements. There are several insurance firms in this plan that give varying requirements for qualifying to purchase a money-back plan. You must select a plan that is compatible with your income and spending. As we all know, there are several insurance companies, and each of them offers a unique set of plans and schemes in order to give greater financial assistance to their clients. As a result, the qualifying requirements for purchasing a money-back plan vary from one insurer to the next. 

Eligibility Requirements For Buying Money Back Plans 

There is a significant distinction between a normal insurance policy and Money Back plans. Some principles, however, stay the same, and whether you choose the former or the latter, you must grasp the criteria. To be eligible for coverage, policyholders must fulfill certain requirements.

1. Entry Age 

The age of the life assured is the first criterion evaluated in determining eligibility. The purchaser must be a native Indian. They must work as an employee and be paid regularly. The entrance age must be at least 21 years old and no older than 60 years old. If the life assured is self-employed, the maximum age for entrance is raised to 65 years. In certain other insurance firms, the customer must be at least 13 years old and can lawfully buy until they reach the age of 50.

Also read - Why are Money Back Plans Worth Buying?

2. Income

Another factor to consider is the customer's income. The policyholder must be able to pay the Sum Assured by the policy terms. If the buyer is an employee, their pay must be more than Rs. 25,000, and if they are self-employed, their income tax return must be more than Rs. 6 Lakh each year .whereas, in some other insurance companies The buyer must be at least 13 years old and can lawfully purchase until they reach the age of 50.

3. Documents

The documentation serves as the entry point for the policy's acquisition. You must show your legal papers to corroborate your supplied details for the insurance company to process and verify your information. Aside from your age and income, you will also need to furnish your insurer with the following documents:

• Age verification
• Address verification
• Duly completed application form
• Medical records, if any.

Conclusion

The most important benefit or advantage provided by money-back programs is liquidity. Money-back plans payout every month, provide security for your life, and assist the family of the life guaranteed financially not only whilst they are here, but also when they die away. Before you invest in a plan to save and increase your money, you must evaluate the qualifying conditions for purchasing the plan. Furthermore, various insurance firms have different requirements. The two most important factors are age and income. Before purchasing the policies, you will need to furnish the insurer with a few verification papers.

You may also like to read - Are Money Back Plans Really Helpful?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.